Source: Zim records 32pc surge in February gold output – herald
Business Reporter
ZIMBABWE’s gold production for February 2026 jumped by 31,5 percent compared to the same period last year, a rise driven by a massive increase in deliveries from the artisanal and small-scale miners.
According to the latest data released by Fidelity Gold Refiners, the country’s sole authorised gold buyer, total output for the month reached 3 412,9kg, up from the 2 596,1kg recorded in February 2025.
The standout performance came from small-scale and artisanal miners, whose contributions rose to 2 525,6kg, a staggering 54 percent increase from the 1 640,3kg delivered in the same month last year.
The artisanal miners accounted for nearly 74 percent of the country’s total gold deliveries for the month, cementing their role as the backbone of Zimbabwe’s gold industry.
Large-scale primary producers saw a slight decline in performance. Output from the country’s major mines dropped to 887,2kg, down from 955,7kg in February last year.
The surge in production drove gold export earnings, which surged by more than 138 percent in February against the same period last year.
According to the latest data from the Reserve Bank of Zimbabwe (RBZ), gold receipts for February 2026 reached US$278,5 million, from S$117 million recorded in February last year.
The February export earnings were slightly lower than the US$290,1 million recorded in January; however, the figure remains more than double the US$123,1 million earned in January 2025.
As a result, the cumulative earnings for the first two months of 2026 now stand at approximately US$568,6 million, highlighting gold’s critical role as the country’s top foreign currency earner.
Gold is strategically important to Zimbabwe as the country’s single largest export, which accounted for 47 percent of total earnings for last year when production hit an all-time high of 46,7 tonnes, a 17 percent increase from the 36,48 tonnes in 2024.
Market analysts attribute the surge in export value to a combination of high international gold prices, which have frequently tested new records in early 2026, and a significant increase in deliveries from the artisanal and small-scale sector.
Global gold prices fell about two percent yesterday as investors reacted to a strengthening US dollar and a sudden easing of geopolitical tensions but were still US$4 335,97 per ounce.
Gold futures followed a similar trajectory, declining 2 percent to close at US$4 317,80.
The recent selloff marks a significant downturn for the precious metal.
From which is now down approximately 21 percent from its late-January peak of US$5 594,82.
Market analysts define a “bear market” as a 20 percent drop from recent highs, suggesting that the rapid rally seen at the start of the year has lost its momentum.
Market participants attributed the decline to a stronger US dollar, which triggered widespread profit-taking among investors.
Additionally, the “safe-haven” demand, that usually supports gold, weakened following an announcement by US President Donald Trump of a five-day pause on planned strikes against Iran’s energy infrastructure.
According to reports, the tentative sign of cooling tensions in the Middle East led many traders to unwind their protective positions in bullion.
Despite the current slump, several market analysts maintain an ambitious long-term outlook for the metal.
US firm, Yardeni Research, told business news channel CNBC that it is sticking with a US$10 000 price target by the end of the decade. While Yardeni lowered his 2026 year-end forecast to US$5 000 per ounce from an initial US$6 000, his revised target still represents a 15 percent upside from current market levels.
Analysts argue that gold’s underlying fundamentals remain intact, viewing the recent price drop as a short-term dislocation rather than a permanent shift, according to reports.
Persistent geopolitical risks, consistent demand from global central banks, and the potential for long-term dollar weakness continue to underpin the structural case for gold as a critical asset for investors during times of global instability.
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